Charlotte-based equipment finance company closes sixteenth asset-backed security transaction.
CHARLOTTE, N.C., March 20, 2023 /PRNewswire-PRWeb/ -- Commercial Credit Group Inc. (CCG), an independent commercial equipment finance company, today announced that it has finalized a $397,080,000 term asset-backed security (ABS) transaction. The securitization was placed with a diversified group of fixed income investors from 34 unique institutions. BofA Securities, Inc. served as Structuring Agent and Lead Bookrunner for the placement. The securitization is comprised of four classes of notes which carry the following ratings:
Notes -- S&P -- Fitch -- Dollar Amount
Class A-1 -- A-1+ (sf) -- F1+ (sf) -- $114,500,000
Class A-2 -- AAA (sf) -- AAA (sf) -- $240,360,000
Class B -- AA (sf) -- AA (sf) -- $19,010,000
Class C -- A (sf) -- A (sf) -- $23,210,000
"CCG is pleased to have completed its sixteenth term ABS transaction since 2011. We are appreciative of the continued support from the institutional ABS investor community which is reflected in the high levels of oversubscription on the transaction." stated Paul Bottiglio, CCG's SVP and CFO. "This transaction further diversifies our funding sources helping us to more efficiently meet the financing needs of our middle market customers."
The securitization pool is supported by CCG's finance contract originations in the construction, fleet transportation, manufacturing, and waste equipment industries.
About Commercial Credit Group Inc.:
Commercial Credit Group Inc., a wholly owned subsidiary of Commercial Credit, Inc., is an independent commercial finance company that provides equipment loans and leases to small and mid-sized businesses in the construction, fleet transportation, machine tool and manufacturing and waste industries. The company's sales force is located throughout North America. Since its inception in 2004, CCG has originated over $6 billion of equipment loans and leases. CCG is headquartered in Charlotte, NC. For more information, please visit http://www.commercialcreditgroup.com.
Media Contact
Julie Murphy, Commercial Credit Group Inc., 7049442771, [email protected]
SOURCE Commercial Credit Group Inc.
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